A new cannabis deliver app, Eaze, made major waves last week, when they raised $10 million in order to be able to hire 50 people in 50 days for their company.
The company’s press release describes the app in an introduction to investors and interested parties: “Eaze launched in July of 2014 as the first on-demand application in the newly emerging ‘Cannabis Technology’ category – the intersection between the traditional high-tech and legal marijuana industries. The company quickly gained traction in San Francisco and expanded Bay Area-wide to enable more than 30,000 medical marijuana on-demand deliveries to legally verified patients.”
This app has been called the “Uber of Pot” by satisfied users, and is a way for delivery drivers to track the pickups and dropoffs they need to coordinate for the dispensaries that they deliver for. The company raised $1.5 million last year with Silicon Valley investors, and has already widely been considered a major success. Keith McCarty, who oversaw this round of Series A investing, said that the lead investors were DCM Ventures, Fresh VC, and 500 Startups, in addition to a few other key players. Reportedly, Snoop Dogg’s own Casa Verde Ventures also had their hand in investing.
These investments were made on the good faith that the company has already made over 30,000 successful cannabis deliveries, and receives a high rating from many of its users. The company plans to expand into new legal territory, including Colorado (it is currently based on the West Coast), and will use this newfound money to hire more employees.
The app currently works much the same was as Uber or other car service applications, or food delivery services, for that matter - you can place the order and track how long it is going to take to get to you, with a map and time icon on the screen of your phone.
According to their press release, Keith McCarty stated: “We want to thank our early patients and partners in the San Francisco Bay Area who have contributed to our success to date. These major milestones are only possible with their support. The new funding enables us to expand rapidly by further developing our technology, building new dispensary partnerships and scaling our team for hyper-growth as we expand nationwide where marijuana is legal.”
“We were the first Silicon Valley venture firm to make an investment in the cannabis tech sector in November 2014 when we invested in Eaze’s seed round, and we are now excited to lead this round," added David Chao, one of the general partners of DCM Ventures, in the release. "With public sentiment and public policy aligning to broaden access and the cannabis market surging toward $100 billion, we believe there is a huge opportunity as the fast moving technology and cannabis industries intersect. We identified Eaze as the clear market leader with its robust technology offering, a seasoned executive team and demonstrated growth to date. We look forward to partnering with the team as they expand into new geographies.”
Cannabis delivery is becoming more popular all the time - think about it, who wouldn’t want to be able to order their marijuana online and get it delivered to their door like a pizza? Not to mention how beneficial this is for those who don’t have the mobility to go and get their medicine themselves. We have no doubt that this will be the first of many investment greats for this new company, as they grow, take on new employees, and expand to fresh territory. To stay up to date with what they are doing, check out MarijuanaStockReport, 420Careers, MJBizWire, or WeedMedia.